The nonpartisan Joint Committee on Taxation (JCT) has released its much anticipated general explanation of last year’s tax reform. The JCT’s “bluebook” notes more than 70 possible technical corrections to the Tax Cuts and Jobs Act (TCJA) (P.L. 115-97) enacted last December.
The JCT released its 457-page bluebook, officially entitled General Explanation of Public Law 115-97 (JCS-1-18), on December 20. The bluebook details all legislative changes made to the tax code last year under the TCJA. The document was prepared by JCT staff in consultation with staff of the House Ways and Means and Senate Finance Committees.
House Ways and Means Committee Chairman-designate Richard Neal, D-Mass., has stated that he intends to hold hearings examining the efficacy of various provisions of the TCJA. The JCT’s bluebook could provide insight into future legislative technical corrections to the new law.
By Jessica Jeane, Senior News Editor